IFA Hotels & Resorts has strengthened its
interests in South Africa by acquiring a further 5.25% in
Boschendal Limited, increasing its stake to 37.33%.
This acquisition is part of a set strategy by
IFA HR to strengthen its geographic reach as a global developer of
mixed-use integrated resorts. It also aligns with its subsidiary's
strategy in South Africa (IFA Hotels & Resorts Limited) to deliver
new premier resort and residential projects in South Africa.
Werner Burger, President and COO of IFA HR, said, "With
our ability to introduce international investors, partners and
hotel operators, we are able to explore real value creation by
promoting new asset classes of property ownership. The
internationally recognised Boschendal brand will be further
elevated through our international network located in the Middle
East, Europe, Asia, North America and Africa."
IFA HR is now responsible for all the sales and
marketing of Boschendal Limited, allowing the company to utilise
all its international offices and network across the
world. Boschendal welcomes approximately 200,000 guests per
year, a vast audience for IFA HR to cross sell and promote its
existing international portfolio of residences, resorts, private
residence clubs and experiences.
The first phase of
the development, the Boschendal Founder's Estates located among
the vineyards on the slopes of the Simonsberg Mountain, will now
be further improved with all related infrastructure. Current
development plans for the second phase, the proposed mixed-use
development on Boschendal's 2,240 hectare estate, includes
residential homes set within villages of varying size, an upmarket
retirement village, a boutique hotel and a mixed-use precinct
combining shopping, offices and apartments. Ultimately only 7% of
the 2,240 hectares will be covered by buildings and gardens.
In South Africa, IFA HR owns the Fairmont Zimbali Lodge
and holds a 50% stake in the joint venture that is developing
Zimbali Coastal Resort and is putting the finishing touches to the
new Fairmont Zimbali Resort, expected to open in August 2009.
HR also holds a 50% stake in the Legend Golf & Safari Resort
located in the Waterberg, close to Johannesburg, which recently
received an award for being "Africa's Leading Tourism Development
Project". The company also received "Africa's Leading Sport
Resort" award for the Fairmont Zimbali Lodge.
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